Saigontourist subsidiary announces share issuance
Bong Sen Corporation, a subsidiary of Saigontourist, plans to issue more than 163.17 million shares to existing shareholders at par this year to raise over VND1.63 trillion (US$75.2 million).
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| A corner of Daewoo Hotel in the capital city. — Photo ndh.vn |
Shareholders can buy two shares for every one they own.
Saigontourist said Bong Sen Corporation plans to use the proceeds of the issue to buy a 51 per cent stake in the Daeha Trade Centre in Ha Noi's Kim Ma Street, which houses the five-star Daewoo Hotel besides apartments and offices for rent.
The deal is expected to be valued at VND3.65 trillion ($168.43 million).
Bong Sen has a charter capital of nearly VND816.15 billion ($37.7 million), of which Saigontourist holds 17.25 million shares for a 21 per cent stake.
Saigontourist has announced it will not buy additional shares and in fact will sell its rights to the new shares as part of its restructuring plans.
Bong Sen has interests in hospitality, leasing of commercial retail space and travel services. — VNS
